Cocoa Weekly Forecast, October 19 - 23

This/Next Week Forecast (October 12 - 16, 2020)

Uptrend scenario

The uptrend may be expected to continue, while the cocoa market is trading above support level 2410, which will be followed by reaching resistance level 2550 and if it keeps on moving up above that level, we may expect the cocoa market to reach resistance level 2665.

Downtrend scenario

A downtrend will start as soon, as the cocoa market drops below support level 2350, which will be followed by moving down to support level 2160.

(Click on image to enlarge)

Chart Cocoa This/Next Week Forecast, Technical Analysis

Previous week cocoa forecast chart

(Click on image to enlarge)

Chart Cocoa This/Next Week Forecast, Technical Analysis

Fundamental Analysis

Difference between supply and demand showing the fair price at the level 2400 with a high potential to reach 2200.

(Click on image to enlarge)

Chart Cocoa Stocks, Inventory

Long-Term Forecast (Quarter III: July - September, 2020)

Uptrend scenario

The uptrend may be expected to continue, while the cocoa market is trading above support level 2502, which will be followed by reaching resistance level 2800 and if it keeps on moving up above that level, we may expect the cocoa market to reach resistance level 3105.

Downtrend scenario

A downtrend will start as soon, as the cocoa market drops below support level 2502, which will be followed by moving down to support level 2075 and if it keeps on moving down below that level, we may expect the cocoa market to reach support level 1800.

(Click on image to enlarge)

Chart Cocoa Forecast 2020, Long-term Technical Analysis and Outlook

Disclaimer: All information provided by Anton Kolhanov is for informational purposes only. Information provided is not meant as investment advice nor is it a recommendation to Buy or Sell securities. ...

more
How did you like this article? Let us know so we can better customize your reading experience. Users' ratings are only visible to themselves.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.